The high wealth individuals usually use multiple people (unless they do it themselves) to handle their stuff.

One thing I should point out, take any title’s and credentials at face value. Anybody can get one by doing a little bit of work and paying some fees. You can be the owner of a business with no background and $11 at the county court house. You can be a CFP by having a bachelor’s degree (no requirement that I saw for field), taking some weekend courses, and paying about $500/yr. The other requirements to become one, you have 5 years from the application to get. One of which is showing 3 years of experience. You have 5 years to show 3 years of experience.

And to be perfectly honest, with a little education, you can do it yourself and don’t need a person working for you. It helps, but not needed.

I wish you luck.

Also, it takes years to build a strong relationship with a trusted financial planner. I heard there’s lots of turnover in the industry. And what I don’t want is to start over again with someone new or to follow the trusted planner by moving my assets to his/her financial institution…

Do you think that good ones are usually for high wealth individuals (which I’m not, I’m in my early career with some savings, in the process to buy a new house)?

Since she is salary, it makes sense that she can not publicly say what she makes. It’s actually illegal to even ask when someone is hourly/salary in some US States. (not if they are hourly/salary, but what they make). It can be volunteered though.

Good luck on finding a new one you can trust. Their are plenty of sharks out there (met a few face to face), but there are some gems as well.

Finally I asked my financial planner how much she makes. And she couldn’t answer the salary. But like you suggested I asked her income structure. I think I was not surprised with her answer: base salary and bonus based on the net growth of her portfolio. I think this type of remuneration is a good way to serve your client!

However she was still trying to sell her “house products” (I told her that I find it was pretty annoying). Anyways, overall I think it went well and she is really nice but actually I am in the process to change my financial planner to have someone that I trust and that I believe the person can help to achieve my objectives

Thanks!

Sophie, they (we?) are dealing with your money. You have every right to know how they get compensated and what they will make off of you.

I encourage you to ask.

Sophie,
if your planner works for a bank, chances are that she can only offer “in house” products. However, she may be wise (as me ;-0 LOL) and find a way to offer you all products on the market. This is actualy what I do through a partnership with a broker (very few people work like this in the Canadian industry for the moment).

If you are too shy to ask her how much she makes, you can at least ask her how her income structure works (based salary, commission, bonus on specific products, etc.).

let me know,

TFB.

I am wondering if all type of financial planners is all licensed to sell me investments directly. Can they sell other than their “house” products?

Thanks again!!

N.B. l’ll keep you posted, but I’m a bit shy to ask her salary… although she knows mine….